The background description includes information that may be useful in understanding the present invention. It is not an admission that any of the information provided in this application is prior art or relevant to the presently claimed invention, or that any publication specifically or implicitly referenced is prior art.
When credit bureaus receive information about individuals, those individuals generally have no say in what information is received. Standard practices in credit reporting leaves out tremendous amounts of information that can benefit an individual's credit score, leaving open the possibility for a new service to package and send consumer-permissioned alternative credit data to credit bureaus. This new practice stands to improve credit scores and reports for multitudes of individuals that responsibly pay bills every month without receiving credit for those timely payments due to the inadequate nature of credit reporting.
Some have developed inventions related to generating reporting documents to send to credit bureaus, but those efforts nevertheless fall short. For example, US20150199757A1 to Lindholme et al. teaches subject matter directed to collecting payment information, verifying the payments, generating reporting documents, and then reporting those verified payments to a credit bureau. But Lindholme et al. fails to consider a several improvements, including improved modes of payment verification via a third-party bill management and payment platform.
These and all other extrinsic materials discussed in this application are incorporated by reference in their entirety. Where a definition or use of a term in an incorporated reference is inconsistent or contrary to the definition of that term provided in this application, the definition of that term provided in this application applies and the definition of that term in the reference does not apply.
Thus, there is still a need in the art for improved systems and methods of furnishing consumer-permissioned alternative credit data to credit bureaus.